Whispers · cross-asset risk

MarketSPX
Risk score—
At extremes—
As of—
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Risk drivers · what's moving the regime
Cross-asset map · who is stretched
Percentile of each instrument vs its own 1-year range. extreme high elevated mid subdued extreme low
Regime over time · proxies vs SPY (each line on its own scale)
Each line scaled to its OWN range (right edge shows its real low–high, colour-coded) so shapes are comparable. Watch SPY vs credit/breadth (should confirm) and vs dollar/gold (should be inverse).
Regime map over time · all instruments × time
Every instrument's recent path normalized to its own range (green = range-high, red = range-low), rows grouped by cohort. The 6-line overlay above is the readable few; this is the full complex at once — vertical colour bands = the regime turning together.
Quiet turns · extremes unwinding
What it means · storylines
Horizons · regime bias 1h → 1w
Horizon Bias Lean Conf
Definitions — how to read this
Risk-on / risk-off — whether capital is rotating INTO risk (credit, small-caps, growth leading; dollar/gold/vol soft) or OUT to safety. Risk-on is a tailwind for equities, risk-off a headwind.
Percentile — where an instrument sits in its own 1-year range (0 = its low, 100 = its high). Extremes (≤5 / ≥95) are where moves exhaust and reverse.
Divergence — when SPY rises but its confirmers (credit, breadth) don't follow, or its inverses (dollar, gold, vol) climb with it, the rally is unconfirmed — a quiet warning.
Quiet turn — an extreme starting to unwind with volume. The earliest, subtlest signal of a regime change — before the level normalizes or price breaks.
The call — the six drivers net into one risk score → equity bias; distinct from every options signal (this is the world OUTSIDE the chain). Feeds Oracle; weight set by Phase-3 calibration.